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I love this so much, I’m nearly speechless. What a great thing for Indianapolis. WOW! WOW! WOW! When can I eat on the terrace?
Clint, I couldn’t have said it better, so I will just say … DITTO !!
Awesome news!!!
IKEA for the rich set.
And you have a problem with that, Mary?
Mary…the rich do not assemble their own furniture.
Probably will have better meatballs. Although IKEA’s meatballs weren’t that bad if I remember.
This is surprising – seems extremely high end for our market. But, I am grateful this property will be reused and that the sale’s proceeds will benefit Christel House. Residing in that area, I hope to eat there a lot!
It occurs to me that persons who are able to build such monuments to themselves in their lifetime have a moral/civic responsibility to their communities to plan for their ultimate reuse. I think communities also have a responsiblity to ensure the zoning requirements around these types of developments contemplate future reuse. From the article:
Finding a commercial use for the estate was the easiest way to sell it, Ochs said, because attracting a private buyer was extremely difficult.
“Putting aside the upfront cost the seller was asking for … the cost simply to operate and maintain it, on an annual basis, is staggering,” he said. “There are very, very few people in the United States that can afford it.”
It is nice that the property sale will benefit the Crystal House Foundation.
Their moral/civic duty is more than fulfilled by the exorbitant property taxes they must pay.
How is exorbitant defined regarding property taxes? Indiana property taxes are relatively low compared to New Jersey and Texas as is the cost of living. Low tax often corresponds to low service and poor infrastructures, a common characteristic in too much of Indiana. Revenue to maintain state services must derive from a source or sources — no state income tax, then property taxes increase; moderate property taxes and state income taxes is an alternative present in many states.
Individuals do not have a more or civic duty to plan for reuse of a property. While definition of planned disposition would be nice, this is not required. The current option for reuse seems reasonable, given that few potential buyers exists. Indianapolis is neither an attractive nor exciting market for those who could readily afford such a property. Reuse as a museum would require benefactors; it is unlikely a taxpayer paid museum would [ever] present a reasonable funding mechanism.
Excellent use for this property…
…and very telling where RH Holdings is going with the investment strategy as a company. Palm Beach, Chicago, etc.
Very exciting! As a resident of the area, I think it’s the perfect outcome for our neighborhood and for the city of Indianapolis.
It would be nice if RH would consider opening some of the 120 acre grounds for daytime public use as St. Maur once did.
I miss swimming in the lake there. It used to be a place where regular folks could go and swim and be in a lovely natural spot right in the middle of the city. Guess that’ll never happen there again.
Same here. Such a pity.
This will be a panoramic spot to showcase the best of Indy. The list of cities that RH have already done this In puts Indy in the conversation with top tier cities. The location is perfect for this type of project and I’m sure it will be a major draw for local and national celebrities. Great job Indy
I’m the other KP. The place will need a newly designed entrance and turn lanes for any commercial and public access uses. I also can only assume RH will spend the $M+ a year to maintain the place. We also hope the place pays full property taxes to Marion County without any special discounts or abatements. I will add that complete openness and access of the facility may be a challenging exercise that could bring unintended consequences.
If the commercial use is approved, I predict the whole estate will be a business park in 20 years. The camel has his nose in the tent.
It’s a nice proclamation for the situation…👀
I love adaptive reuse that is so totally unprecedented that it’s a head scratch. This creates a nice complement to a neighborhood known for Christian Theological Seminary, Butler University, International School and Newfields/Indianapolis Museum of Art. Can’t wait to see who else wants to be a part of this mature neighborhood.